A recent study conducted by Bill.com illustrated the myriad benefits of adopting cloud billing technology. The more than 350 CFOs who took part in the survey noted that in addition to saving money, which is perhaps the most often-touted benefit of the cloud, cloud invoicing also frees up time for staff members by automating laborious manual procedures, facilitates cash flow management and improves their ability to put together accurate forecasts. The benefits offered by the cloud are particularly valuable, given that more than half (51.1 percent) of CFOs who took part in the study cited the inability to forecast results as one of their top three challenges, while 47.4 percent pointed to problems associated with managing cash flow.

Cloud invoicing also has environmental benefits, as it can significantly reduce the flow of paper bills throughout companies. This reduces firms' reliance on paper storage, such as filing cabinets—and in some cases, entirely eliminates the need to keep paper records on the premises. This helps ease the transition to a paperless work environment, a factor that 85.5 percent of survey respondents said was either very important or somewhat important to them. As people become increasingly concerned about the impact they and the companies they do business with have on the environment, green invoicing is set to become more of a priority over the coming years.

How do companies manage their cash flow?
Although a lot of CFOs recognize the positive effects that cloud technology can have on their businesses, many persist in using paper- and spreadsheet-based processes that are slow, costly and prone to inaccuracy. Nearly three-quarters (72.9 percent) of surveyed CFOs said their companies still relied on spreadsheets for cash flow management, while others (8.5 percent) reported using enterprise resource planning systems, doing calculations in their heads (8.3 percent) or not incorporating any tools at all (a surprisingly high 10.3 percent).

With many companies clinging to outdated methods rather than embracing the web based billing and mobile invoicing opportunities offered by the cloud, early adopters of cloud-based tools stand to gain a competitive advantage. Specifically, firms that integrate cloud billing will likely enjoy a competitive advantage in their industries by realizing increased efficiency, as well as cost and time savings.